NEW REGULATION BRINGS CHANGE FOR THE BETTER! With Funeral Plans now falling under the jurisdiction of the UK regulatory body, the Financial Conduct Authority, there have been widespread changes for plan providers to navigate, both in the UK and in Spain. But as regulation has arrived at the same time as a costofliving crisis, has this made matters easier or more difficult for planning companies and consumers? Barry Floyd – Golden Leaves CEO commented: “To be quite blunt, the arrival of this regulation should be hugely welcomed by both planning companies and consumers alike. It has now become evidently clear which funeral planning companies people should avoid and these are essentially any who are NOT FCA registered now. This is the clearest indicator of which companies consumers should consider. Some businesses in Spain and elsewhere will (and have) risen from the ashes of their failed companies in the UK, to trade again in Spain. Consumers should not be fooled and should not take the risk with what is a singular, once in a lifetime purchase. It has never been simpler, buy from an FCA regulated and authorised company or run the risk of potentially losing your money (If you purchase from an FCA regulated company your Barry Floyd Golden Leaves CEO. funds are covered by the FSCS (Financial Services Compensation Scheme)) – The collapse of Safehands in the UK has clearly demonstrated what could happen if the company you purchase from failed and that company ISN’T FCA regulated. Make no mistake, there are companies in Spain that could pose a significant threat to consumers. If you are deciding which company to purchase a funeral plan from – do your homework, research the company and ensure that you are comfortable that they are FCA regulated and credible. If they are not, and you purchase from them anyway, at least you will have made that decision knowing the potential risks involved.”
Golden Leaves’s Incredible “unattended cremation” plan coupled with a new “Immediate cover” instalment plan option! In times of inflationary pressures and rising costs, funeral plans products that combat rising funeral costs are even more valued than ever before. In light of this, Golden Leaves have taken additional steps to help consumers by launching a new more economical “unattended funeral” plan type and a payment instalment option that covers you immediately (with NO outstanding balance to pay, should you die in the repayment term) even though you can pay for it over a period of up to 8 years! Barry Floyd – Golden Leaves CEO commented: “It was extremely important to recognise that people want to be covered but many are finding money incredibly tight due to inflationary issues. We wanted to do what we could to help potential buyers at this difficult time and seeing that this type of plan of ours has been gaining attraction in the UK, we believed that now was the right time to launch it Internationally. We have also launched a totally new and groundbreaking credit financed option that will allow a consumer to purchase our plans over instalments of up to 8 years duration, but they are covered immediately with no more to pay should they pass away in the payment term. This will help not only make monthly payment options more affordable, but will remove the considerable concern surrounding remaining balances, removing those from the next of kin at such a difficult time.” With quality FCA regulated businesses now easily recognisable from those which are not, consumers should be able to make clearer and more informed choices surrounding the brands that they purchase funeral plan products from and the brands they will not buy from. Combined with more affordable products and faster coverage payment options available, some brands like FCA regulated and authorised Golden Leaves, are leading the way in making these buying decisions far easier for consumers at this difficult time.
How to choose a funeral planning company that is right for you • Do background checks on the funeral planning company, owners, how long have they been in the industry, etc • Make sure the funeral planning company are regulated by the FCA • How does the funeral planning company invest the money • What services are covered in the suite of plans • Can the plans be changed, upgraded, or downgraded after purchase • Does the funeral planning company provide dual cover with the UK or international cover • Search the company’s details on the FCA’s funeral plans register online
HOW TO CHOOSE A PREPAID FUNERAL PLAN THAT IS RIGHT FOR YOU Before you speak to a funeral planning company • Make a list of what you would like for your funeral • Speak with family and friends • Look on the website at the suite of plans and costs
Contact the funeral planning company • Ask for a funeral planning appointment, this can be conducted by, phone, video or a facetoface visit to their office or your home. • Each company works differently, however in general there is a short overview presentation and conversation into your needs and requirements • The suite of plans and payment options will be presented to you for your consideration • If you decide to take a plan, the funeral planning company will take you through this process • Issue you with an email with confirmation • Hold an onboarding call • Issue your plan documents.